Exam 2 Prep - Ch 3, 5, 6, & 8 - MGMT 330

________ is the arrangement of having discrete parts of a task done by different people.

A division of labor

________ is a control mechanism for making sure the right people do the right things at the right time.

A hierarchy of authority

Which scholar developed the global corporate social responsibility pyramid?

Archie Carroll

In preparation for being an ethical worker, you can practice being an ethical consumer. Which suggestion would you follow if you were an ethical consumer?

Buy Fair Trade goods.

Younger workers (those born after 1980) will make up more than half of the U.S. workforce by the end of this decade. Which of these recruiting strategies would be least effective in attracting younger workers?

Focus on how much the job pays.

The logistics manager for a trucking company told her employees that "85% of deliveries should arrive within 45 minutes of their scheduled arrival times." This is an example of a

SMART goal.

________ designates how work units are going to optimize resources and make contributions over the next two years.

Tactical planning

After the manager and employee work together to set the employee's objectives, what is the next step of MBO?

The employee should develop an action plan for meeting the objectives.

Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from

broad needs, few customers.

Which level of strategy is concerned with how much to spend on marketing or whether to expand facilities?

business

Once implemented, managers need ________ to keep strategic plans on track.

control systems

An ethical dilemma is a situation in which you must

decide whether to pursue a course of action that may benefit you or your organization but is unethical or even illegal.

The chain of command is also known as the

hierarchy of authority.

As the manager of Cut-Off Salon, LaVonne ensures the prices she charges exceed the cost of providing the services. She also switched the entire salon to carbon-neutral styling products. Which additional element of the triple bottom line should LaVonne consider?

social

Victoria, a shift manager in a shoe factory, directly supervises 40 employees on her shift. The 40 workers who report directly to Victoria represent her

span of control.

A hierarchy culture has an internal focus; it values ________ over flexibility.

stability and control

In the third step of the strategic management process, managers should

translate the broad mission and vision into a corporate strategy.

________ refer(s) to the arrangement that ensures strategic goals align downward with more specific short-term goals.

Cascading goals

Emilio and Dylan are studying the strengths and weaknesses of their construction business, Construction Concepts, as well as researching the opportunities and threats in the external environment. They are conducting a

SWOT analysis.

Fine Cuts has been manufacturing excellent cutlery for over 50 years. Management wants to hang a banner in the production facility with their mission statement. Which of the following statements would be on that banner?

"We will always provide the highest-quality cutlery at the lowest cost to our customers and always give honest, winning customer service, thereby earning a fair profit for our stakeholders."

Samir owns a dental practice, but business has slowed down significantly over the last six months. Which analysis would you recommend to Samir to help him determine whether his dental practice has competitive potential?

VRIO framework

When you encounter negative thoughts or sense that others are trying to elicit an emotional response from you, which key skill of being open-minded should you enact?

Watch for communication blocks.

Once her team's goals were set, Alyssa asked each team member to come up with a(n) ________ to reach the goals.

action plan

After establishing the mission, vision, and values, what is the next step in strategic management?

assessing the current reality

As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the ________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes.

bargaining power of suppliers

Which of the following lists represents the order of levels of strategy from the top of the organization downward?

corporate, business, functional

When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy.

cost-leadership

An organization's external stakeholders include

customers, suppliers, strategic allies, and financial institutions.

Valentino is proud to work for a company with a strong ________ because he knows the organization supports ethical behavior.

ethical climate

Sadiya, who owns a dance studio, consistently reminds her employees that dance lessons are a luxury for customers, so they should be both informative and fun. By making these statements, Sadiya is

explicitly stating values and norms preferred by her organization.

A real estate development company is considering a deal to develop 1,000 condominium units. This deal largely rests on a __________ that the city's population will grow by 23% over the next decade.

forecast

Strategic planning is critical, but without ________ it will be worthless.

implementation

A boundaryless organization is one that

is fluid and highly adaptive and whose members come together to collaborate on common tasks.

For a manufacturing company that set a strategic goal to reduce waste by 15%, each division in the organization can use the ________ to identify tactical goals that support waste reduction.

means-end chain

A company dress code and award ceremonies would be part of

observable artifacts.

A(n) ________ is a system of consciously coordinated activities or forces of two or more people.

organization

A financial services company with insurance, investments, mortgages, and banking divisions is best characterized as having a

product structure.

The key reasons that an organization should adopt planning and strategic management are to

provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage.

Snowcap Ice Cream produces over a dozen delicious ice cream flavors and a number of individually packaged frozen treats. Which of these strategies would represent vertical integration for Snowcap?

purchasing Mountain Dairy milk farm

The Berkshire Hathaway annual meeting, a famous yearly event, can be attended by any ________, which is someone who owns at least one share.

stockholder

A ________ expresses what the organization should become and where it wants to go strategically.

vision statement

________ is the notion that corporations are expected to go above and beyond following the law and making a profit to help society.

Corporate social responsibility

After three patients sued Guardian Manor, an assisted living facility, for neglect, missing medications, and improper nutritional offerings, Ivana, the CEO, wants to encourage employees to speak up more and to be comfortable voicing concerns. Which of the following would be encouraged by Ivana?

George tells a story about a time when Guardian Manor was first starting out and how the employees banded together.

Ethics are

standards of right and wrong that influence behavior.

A ________ is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success, and a ________ outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses.

business plan; business model

Georgie's Orchards, a firm that grows, processes, and cans peaches, uses a ________ structure that separates workers based on their tasks or special skills.

functional

During a situational analysis of the ________ of her dog training service, Jaela determined that one of her strengths was that trained dogs retained their skills for at least three months after training, and that one of her weaknesses was that very few clients brought another dog to her for training.

internal environment

Mitski supervises the returns desk in a department store. Mitski has set a goal for the rest of the year of finishing her daily office work quicker so she can assist at the returns desk earlier in the morning. She knows this will improve customer service and also help decrease theft which will assist the company in achieving its goal of decreasing costs. Finishing her office work quicker represents a(n) ________ for Mitski.

operational goal

According to the BCG matrix, stars are

organizations with high growth and high market share which are definite keepers.

Dominique and Isidora Wilson are wealthy entrepreneurs who are very interested in helping people who have been wrongly convicted of crimes. What philosophy would they choose to implement?

philanthropy

Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through

strategic positioning.

While setting up their corporation, Amadi and Amir implement a system of governing their organization so that the interests of corporate owners and other stakeholders are protected. Amadi and Amir have set up a

system of corporate governance.